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Saturday, September 24, 2016 11:50:37 AM
To me the weekly chart looks like it is making a sideways triangle (or symmetrical triangle) that may likely breakdown soon. The macd is below 0, so the chart is downtrending currently, when the two macd lines cross downwards the next leg down begins.
While I don't recommend it one could wait to see if breaks upwards from inside the triangle than down, buy and then use the lower side of the triangle as an initial stop. This would be a counter trend trade and they can be challenging for even advanced traders. Best to go with the flow if the chart is not indicating bullish divergence and in this case it isn't...the trend's down...
key concepts
symmetrical triangle
http://www.google.com/search?q=how+to+trade+the+sideways+triangle+symmetrical+triangle&ie=utf-8&oe=utf-8
macd bullish divergence reversal
http://www.google.com/search?q=macd+bullish+divergence+reversal&ie=utf-8&oe=utf-8
macd crossover
http://www.google.com/search?q=macd+crossover&ie=utf-8&oe=utf-8
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